Penpie

Penpie is a Magpie product on Ethereum that boosts yields for Pendle users and liquidity providers. DefiLlama measured $3.26M of product TVL across nine chains on 2026-08-16, only 3.26% of the size floor. Penpie remains below that floor, so the individual review does not open until it clears it. Until then, the Pendle-market, governance-lock, auto-compounding, and prior-exploit risks cannot support an advised allocation.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism and perimeter applicability

Penpie accepts Pendle market LP positions and boosts their PENDLE rewards. It also offers auto-compounding pools and converts PENDLE into mPENDLE by permanently locking the underlying as vePENDLE. The current survey covers nine chains. This record therefore covers a multichain yield-boosting product, not the former snapshot of one Ethereum pool.

Control and incident applicability

Penpie pools vePENDLE voting power. vlPNP holders influence votes and DAO parameters, and the team puts approved changes into effect. The September 2024 exploit abused permissionless Pendle-market registration and reward-claim interactions and caused material losses. Current activity and published audits do not erase that incident or remove Penpie’s reliance on Pendle markets.

Exit applicability

Deposited market LP positions rely on the underlying Pendle market and Penpie contract path for withdrawal. PENDLE converted to mPENDLE cannot be converted back through the protocol. A holder must instead find market liquidity at the prevailing rate. Auto-compounding adds wrapper and harvest execution risk to the underlying position.

Why the dossier still applies

DefiLlama measured $3,256,140 across the nine-chain product perimeter on 2026-08-16, or 3.26% of the size floor. Penpie is below that floor, so the individual review does not open until it clears it. Reopen after TVL remains above the floor for 30 days. Then map every supported market, verify post-incident controls and audits, match DAO and emergency powers, and test LP withdrawals and mPENDLE secondary-market exits at the proposed size.

Research status

This is a capacity-unproven record for Penpie, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Penpie Docs — ecosystem introduction · primary · accessed 2026-08-16
  Supports: Pendle integration, yield boosting, auto-compounding pools
• Penpie Docs — PENDLE LP economics · primary · accessed 2026-08-16
  Supports: LP reward distribution, DAO parameters, team implementation role
• Penpie Docs — mPENDLE token · primary · accessed 2026-08-16
  Supports: permanent PENDLE lock, irreversible protocol conversion, secondary-market exit
• Penpie Docs — contract registry · primary · accessed 2026-08-16
  Supports: multichain contracts, timelocks and vote managers, contract perimeter
• Magpie — Penpie incident post-mortem · primary · accessed 2026-08-16
  Supports: September 2024 exploit, market-registration failure, loss and response record
• Penpie Docs — audit reports · primary · accessed 2026-08-16
  Supports: published audit record, review chronology, security evidence
• DefiLlama — Penpie survey record · secondary · accessed 2026-08-16
  Supports: $3,256,140 TVL, nine-chain perimeter, yield category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.